This web page presents information about the work of the IMF in Nigeria, including the activities of the IMF Resident Representative Office. Additional information can be found on the Nigeria and IMF country page, including IMF reports and Executive Board documents that deal with Nigeria.

Nigeria and the IMF Country Page

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At a Glance

  • Current IMF membership: 191 countries
  • Date of Nigeria's membership: March 30, 1961
  • Special Drawing Rights (SDR): 3730.47 million
  • Quota (SDR): 2454.5 million
  • Latest Article IV consultation: February 16, 2023

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Office Activities

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Nigeria and the IMF

  • Growth in Sub-Saharan Africa is Diverging

    November 14, 2024

    Stagnating incomes in sub-Saharan Africa’s resource-intensive economies necessitate more effective fiscal management and broad-based structural reforms.

  • Transcript of Press Briefing: Sub-Saharan Africa Regional Economic Outlook, October 2024

    October 25, 2024

    Economic growth in Sub-Saharan Africa remains subdued, particularly in per capita terms. We are projecting growth this year at around 3.6 percent, the same as last year, with some signs that it is beginning to accelerate, and we're projecting that it will reach around 4.2 percent next year.

  • Transcript of Fiscal Monitor October 2024 Press Briefing

    October 23, 2024

    Good morning, good afternoon, and good evening to our viewers around the world. I am Tatiana Mossot, the IMF Communications Department, and I will be your host for today’s press briefing on the Annual Meetings 2024 Fiscal Monitor, “Putting a Lead on Public Debt.” I am pleased to introduce this morning the Director of the Fiscal Affairs Department, Vitor Gaspar. He is joined by Era Dabla Norris, Deputy Director of the Fiscal Affairs Department, and Davide Furceri, who is the Division Chief of the Fiscal Affairs Department. Good morning, Vitor, Era, Davide.

  • Transcript of World Economic Outlook October 2024 Press Briefing

    October 22, 2024

    Mr. De Haro: OK. I think we can start. First of all, welcome, everyone. Good morning for those who are joining, as online. I am Jose Luis De Haro with the Communications Department here at the IMF. And once again, we are gathered here today for the release of our new World Economic Outlook, titled Policy Pivot Raising Threats. I hope that by this time, all of you have had access to a copy of the flagship. If not, I would encourage you to go to IMF.org. There, you're going to find the document, but also, you're going to find Pierre Olivier's blog, the underlying data for the charts, videos, and other assets that I think are going to be very, very helpful for your reporting. And what's best, that to discuss all the details of the World Economic Outlook that, to be joined here today by Pierre Olivier Gourinchas, the Economic Counsellor Chief Economist and the Director of the Research Department. Next to him are Petya Koeva Brooks. She is the Deputy Director of the Research Department. And also with us, Jean Marc Natal, the Division Chief at the Research Department. We are going to start with some opening remarks from Pierre Olivier, and then we will proceed to take your questions. I want to remind everyone that this press conference is on the record and that we will also be taking questions online.

  • Press Release – African Caucus Meeting: African Caucus and the IMF Reaffirm Commitment to Strengthening Africa's Economic Resilience

    October 22, 2024

    Mr. Wale Edun, Nigeria’s Minister of Finance and Chair of the African Caucus, and Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement at the conclusion of African Caucus meeting held today:

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Regional Economic Outlook for Sub-Saharan Africa

October 25, 2024

Regional Economic Outlook: Sub-Saharan Africa: Reforms amid Great Expectations, October 2024

Reforms amid Great Expectations

Sub-Saharan African countries are implementing difficult and much needed reforms to restore macroeconomic stability, and while overall imbalances have started to narrow, the picture is varied. Policymakers face three main hurdles. First, regional growth, at a projected 3.6 percent in 2024, is generally subdued and uneven, although it is expected to recover modestly next year to 4.2 percent. Second, financing conditions continue to be tight. Third, the complex interplay of poverty, scarce opportunities, and weak governance--compounded by a higher cost of living and short-term hardships linked to macroeconomic adjustment--are fueling social frustration. Within this environment, policymakers face a difficult balancing act in striving for macroeconomic stability while also working to address development needs and ensure that reforms are socially and politically acceptable. Protecting the most vulnerable from the costs of adjustment and realizing reforms that create sufficient jobs will be critical to mobilize public support.
Read the Report

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Fraudulent Scam Emails Using the Name of the IMF

We would like to bring to the notice of the general public that several variants of financial scam letters purporting to be sanctioned by the International Monetary Fund (IMF) or authored by high ranking IMF officials are currently in circulation, and may appear on official letterhead containing the IMF logo. The scam letters instruct potential victims to contact the IMF for issuance of a “Certificate of International Capital Transfer” or other forms of approval, to enable them receives large sums of monies as beneficiaries. The contact e-mail information is always BOGUS and unsuspecting individuals are then requested to send their personal banking details which the scammers utilize for their fraudulent activities.
For more information please see Fraudulent Scam Emails Using the Name of the IMF

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Departmental Papers on Africa

Africa Departmental Papers Cover The Departmental African Paper Series covers research on sub-Saharan Africa conducted by International Monetary Fund (IMF) staff, particularly on issues of broad regional or cross-country interest. The views expressed in these papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF Management.